The New York Times reports that Twitter has made another round of staff reductions that include at least 200 layoffs.
According to the report, the tech giant reduced 10% of its current workforce, or about 2,000 people.
This is the most recent round of layoffs at Twitter since CEO Elon Musk fired about 50% of its 7,500 workers after taking over in October.
Mr. Musk tweeted, "Hope you have a good Sunday," as staff members learned of their fate. The first day of your remaining life. " .
After being one of those released, Esther Crawford, CEO of Twitter Payments, who oversaw the Twitter Blue verification subscription model, tweeted that she was "deeply proud of my team.".
Additionally, senior product manager Martijn de Kuijper claimed that after being locked out of his work emails, he learned that he had lost his job. Martijn de Kuijper founded the newsletter tool Revue, which Twitter acquired in 2021.
Not because there haven't been any Twitter-related stories in the past few months, but rather because we've all grown accustomed to it.
More divisive platform updates and provocative tweets from Elon Musk, the platform's owner. We are accustomed to that drill. But no one anticipated that Esther Crawford, who had made a name for herself as a key player in the so-called Twitter 2.0, would be let go.
She uploaded a photo of herself in a sleeping bag and wearing an eye mask on the floor of Twitter HQ in November. She has consistently encouraged the company's direction under Mr. Musk. Some speculated that the product manager might even succeed as the company's new CEO. Mr. Musk previously stated that he would step down from the position as soon as a replacement was found.
It serves as further evidence of the new, hostile environment, where even the most devoted are defenseless. Many in the commercial sector will be familiar with it, and as budgets begin to tighten, big tech is increasingly moving in this direction.
It was "a mistake," Esther herself wrote in a tweet, to believe that her "optimism and hard work" had been a mistake. She wrote, "I'm incredibly proud of the team for growing through so much commotion and chaos.
This time last week, she most likely wouldn't have described it as "noise and chaos.".
The recent Twitter layoffs are the most recent in a string of recent tech industry layoffs.
The industry is experiencing significant job losses despite the tens of thousands of layoffs announced by Alphabet, which is owned by Google, Amazon, and Microsoft combined.
Over 10,000 jobs were lost in eight days at six major tech companies, including Spotify, Intel, and IBM, at the end of January.
The company's first interest payment on a bank loan that Mr. Musk used to finance the acquisition was made, according to Reuters, a month prior to the Twitter cuts.
He paid $44 billion (£37 billion) to take control, with loans from banks like Morgan Stanley and Barclays covering $13 billion, or one-third of the total.
These loans are secured by Twitter, so the tech company itself, not Elon Musk, is in charge of making the loan repayments.
According to Reuters, Twitter gave the banks about $300 million in January.
More evidence that the tech company is having financial difficulties is emerging in the meantime.
It is being sued in the UK by the Crown Estate for allegedly not paying the rent on its London headquarters, and it is also being sued in the US for allegedly failing to pay the rent on its San Francisco headquarters.
And in February, a lawyer for more than 100 ex-Twitter workers who had been fired by the company told the BBC that the number of staff filing lawsuits against the business "goes up daily.".
At the World Government Summit held in Dubai this month, Mr. Musk stated: "I think I need to stabilise the organization and just make sure it's in a financially sound place.
Since I believe the company should be in a stable position by the end of this year, I'm assuming that finding a new leader would be a good idea sometime in the latter part of the year.
. "
